The June 2008 Building Consents Issued Release by
Statistics New Zealand state that in June 2007 there were
2574 new residential building consents issued, which had
slumped to 1362 consents in June 2008 – some 1212 less
than the same month last year.

Nationally – the June
2008 results are 53% of those of June 2007.

Christchurch
has slumped from 209 consents June 2007 to 98 in June 2007 (
Refer Tables ).

The Real Estate
Institute of New Zealand (REINZ) June 2008 Residential Market Report
released 11 July ( with Markets Facts Graph ) illustrate that in
June 2007 there were 7474 transactions with a median house
price of $347,500 and a monthly dollar volume of $3.099
billion. In June 2008 there were 4305 transactions, a median
house price of $340,000 and monthly dollar volume of $1.740
billion.

Monthly transactions had peaked in May 2007 with
10,989 transactions and a monthly dollar volume of $4.534
billion.

This destructive and unnecessary urban housing
bubble has been caused by Local Government not ensuring the
provision of adequate land and appropriately financing
infrastructure and Central Governments persistent
unwillingness to address the issue.

New housing with
sections / lots should be being built on our urban fringes
for around $140,000.

The international
measure for building performance is the “build rate per
thousand population”.

With just 1362 building consents
issued in June ( expressed on an annual basis -16,344 ) and
with a population of 4.3 million – this indicates that New
Zealand’s build rate per thousand population has slumped
to 3.8.

The major “bubble markets” globally are the
California and the United Kingdom – where build rates per
thousand population have now slumped to 1.9 ( 68,400 ) and
1.6 ( 97,600 ) per 1000 population annually
respectively.

If New Zealand’s residential building
levels fell to Californian and British levels – less than
8,000 new residential units would be put in place on an
annual
basis.

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